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2015 (7) TMI 599 - AT - Income TaxPenalty levied u/s. 271(1)(c) - unaccounted loan advancing - CIT(A) deleted penalty levy - Held that:- In the quantum order, it has been found by the Tribunal that the confirmation of the addition by the learned CIT(A) was based on incorrect facts. Therefore, the quantum was set aside to the file of the AO. The relevant observations of the Tribunal have already been reproduced in the above part of this order. The assessee has filed ample evidence in respect of each person from whom she has received her amount back. Considering the explanation of the assessee and the evidence filed by the assessee and also the fact that the addition was wrongly sustained by the CIT(A) on incorrect facts, we are of the opinion that the learned CIT(A) did not commit any error in deleting the penalty. We decline to interfere with the findings of the CIT(A). - Decided against revenue.
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